How Would Stripe Connect Help Twitter Creators Get Paid in Cryptocurrency?

May 13, 2022
4 min read

Designed for the fastest and easiest way to integrate payments, Stripe Connect is a suite of programmable APIs and tools. It enables you to create and manage end-to-end payment experiences ranging from rapid onboarding to worldwide payouts. Twitter offers many monetization options for its creators, including Super Follows, Ticketed Spaces, and Tips. Stripe Connect is already used to pay creators on platforms like Tickets Spaces and Super Follows. With Stripe Connect, content creators can develop closer ties with their followers by accepting donations from all over the world in exchange for sharing their content and craft.

Stripe Connect is currently limited to crypto payments in USDC and only accepts wallets that are compatible with the Polygon network. It intends to expand its payment options and provide compatibility across many blockchains in the future. In addition, the business aims to extend its payment service to 120+ countries by the end of the year, nearly double the 70 nations it presently serves.

What is Stripe Connect?

Stripe Connect is a payment gateway that allows eCommerce businesses, online retailers, and various marketplaces to authorize transactions. It handles a large amount of sensitive data, such as credit card numbers, personal information, payment history, and more.

It is being used by top-of-the-line eCommerce businesses like Lyft, Shopify, WooCommerce, and recently Twitter to pay their content creators, and has emerged as a well-known solution for secure payouts.

How Twitter Content Creators Will Get Paid in Cryptocurrency?

“We're focused on enabling creators who are driving those conversations to make money and connect with their audiences in new ways”, said Esther Crawford, Twitter's product lead for creators. “We're delighted to start enabling crypto payouts to creators through Stripe, giving them more options for how they get paid”, she added

With crypto payments, platforms employing Stripe can instantly deliver money to verified receivers practically anywhere in the globe, said Will Gaybrick, Stripe's chief product officer. Additionally, corporations can use Stripe Connect to pay people in their local currency.

Businesses that use Connect can operate in the Web3 economy without having to buy and hold cryptocurrencies themselves, in addition to getting cryptocurrency dividends. They will be capable of paying out to their users in even more countries more quickly, as well as improve their services for people who prefer cryptocurrencies to regular fiat payment methods.

Advantages of Stripe Connect For Twitter Content Creators

The ever-growing social media platforms and ongoing influencer campaigns have made it easy for people to get paid online for the work they do. With Stripe Connect, content creators can get paid in their preferred cryptocurrency while enjoying the several advantages that it offers:

Fast and Reliable
Stripe Connect is one of the fastest payment gateways in the market. With Stripe Connect, content creators will be able to access their earnings whenever they need, with just a few clicks on the dashboard. Stripe Connect is currently available in 14 languages in over 70+ countries.

Wider Payments Options
Stripe Connect allows several common payment methods that can be accepted online, by generating invoices, or at the time of sale.

Control The Flow of Finances
With Connect's worldwide routing and payment engine, you can pay your users promptly while reducing operational overhead. You may divide funds among numerous users, immediately route transactions across borders, and set your earnings on each operation.

Manage Your Network
Increase your earnings by offering payment options to your users. Simply set your platform's or marketplace's earnings for each purchase, and Connect will manage to net out revenues, including reimbursements and refunds.

Security
Paying away money is complicated by tight regulations that differ from country to country. Connect transfers payment KYC responsibilities from you to Stripe. Under the hood, Connect enables card data tokenization to aid in PCI compliance, verification systems to manage KYC checks, and uses Stripe's licenses around the world, among other things.

Disadvantages of Stripe Connect

Expensive
Stripe is an online payment platform that charges flat-rate, transaction-based fees. Stripe charges 2.9 percent + 30 cents for each transaction when accepting card payments online and 2.7 percent plus 5 cents when accepting in-person payments. In addition to that, ISV customers will be charged $0.25 per ACH payout and a 1% fee on instant payouts.

Geo Limitations
Geo-restrictions appear to be a weakness of many payment gateways, and Stripe is no exception. Stripe Connect is only authorized for business in 39 countries, the majority of which are European, Asian, and American. Even while Stripe takes payments just about anywhere in the world, it remains a problem for business owners in the nations, not on the list.

Requires Technical Expertise
If you wish to integrate Stripe Connect and add new features or just alter existing ones, you will need technical knowledge or developer resources to do so. Although the documentation for this payment gateway is straightforward, you will still need to execute some coding to get everything to operate properly.

Stripe, on the other hand, does not have this drawback because all payment gateways require some development assistance.

Stripe Connect streamlines the setup procedure while also making your payment gateway more secure. Content creators are emerging as one of the important factors that drive economies and with Stripe Connect, they can enhance their skills by getting paid for what they love. Moreover, with cryptocurrency artists and creators can rely on the security and reliability of Stripe Connect.